What is Permanent Life Insurance?

Life insurance is not a requirement by law for Shelton, CT residents, though many choose to invest in this protection for their family’s financial well-being. Permanent life insurance is an option often selected for its reliability. 

This type of coverage lasts the duration of the person’s life from the point at which they purchase the policy until they pass on. This is in contrast to term insurance, where there is a set period for which the insurance is in effect.

You must be in good standing with your insurance policy at the time of your death, which means your premiums must be current and paid. Your beneficiaries are entitled to a death benefit under this arrangement. 

Additionally, there is a component of permanent life known as cash value. Over time, your policy accumulates savings when you make your payments consistently year after year, and these can be borrowed against.

The outstanding loan amount will be deducted from your death benefit if unpaid and you pass away. A Goodman Insurance Inc. specialist can help give you additional information about your particular situation. 

Unlike the cash value, the death benefit is a predesignated amount determined when you purchase your indemnification. Premiums are typically more expensive than term life because the likelihood of a payout is more certain. 

You can choose whole life, a type of permanent life insurance whose terms on death benefits and premiums stay fixed, or universal, which allows you to adjust these features. Variable universal life insurance has an investment component to maximize savings. 

Goodman Insurance Inc. Can Help

Serving the residents of the Shelton, CT area, we provide quality insurance products for our customers. Contact us by calling, stopping by the office, or visiting us online. We look forward to working with you. 

Protect Your Biggest Asset With Home Insurance

If you’re like most homeowners, your home is your largest asset and your biggest investment. When you own a home, it’s important to protect that asset by having a home insurance policy. Not only does this insurance cover your home, but it can also protect your finances and your possessions. To get your home insurance policy, call us at Goodman Insurance Inc. in Shelton, CT, and protect yourself and your home. 

Dwelling Coverage

One of a home insurance policy’s most important types of coverage is the coverage for the actual dwelling. This protects every part of your home against a wide range of risks that it could face. Incidents that can damage your home include calamities, accidents, and disasters, and your policy will cover you against many of them. The exact incidents that are covered will be spelled out in your policy. If one of those should happen and your home is damaged or destroyed, the home policy can pay for it to be either repaired or rebuilt, depending on the need. This can save you an enormous amount of money after a damaging incident. 

Possessions Coverage

Another form of protection you get from home insurance is coverage for all your possessions in your home. This coverage can be nearly as valuable as your dwelling protection. When you add up what all of your items are worth, it often adds up to hundreds of thousands of dollars. To protect this investment, you need home insurance to cover it. When items get ruined in a covered incident, your home policy can pay for you to replace them. 

Protect Your Investment

It would be best if you had a home insurance policy to protect your home and what’s in it. Call us at Goodman Insurance Inc. in Shelton, CT to get one.

Don’t forget to increase your commercial coverage when purchasing heavy machinery

Business owners in the greater Shelton, CT area can rely on the Goodman Insurance Inc. team for all their commercial insurance needs. We understand the importance of protecting your hard work. Call to schedule a consultation today.

Heavy machinery purchases could mean changes to your commercial insurance

Firms that operate heavy machinery have a lot of insurance needs that many other types of companies may not have to deal with. Operating heavy machinery involves the risk of injury in addition to the possibility of material damage. This can mean that a firm will need liability insurance and worker’s compensation protection.

The cost of heavy machinery can be pretty substantial, so protecting the company’s investment is also important. Before making a large purchase of heavy machinery, it makes sense to take the time to review the company’s current commercial policy. This is also an excellent time to sit down with an insurance professional to review all insurance policies thoroughly. 

It may be time to upgrade to a comprehensive commercial policy or add an umbrella policy to the company’s insurance portfolio. With such significant equipment investments, obtaining a professional outlook is worthwhile. Don’t be caught without the necessary insurance to protect your equipment, employees, and the overall health of the company’s bottom line. 

We are here to help with all of your insurance needs

Goodman Insurance Inc. is proud to serve the Shelton, CT business community. Our team is dedicated to helping community business owners protect their hard work. If you have questions about your commercial insurance or are planning to start a business in the future, we are here for you. Contact our office today!

Two Main Types of Life Insurance

When it comes to life insurance, there are two main types. These are term life insurance and whole life. Both offer effective help when a person is gone and wants to leave something to their heirs. Both can give you peace of mind knowing that you can help your loved ones after you are gone. Each type has pros and cons; one type may be better for your specific needs and budget. Call Goodman Insurance, Inc. to talk to an agent when you need life insurance in Shelton, CT.

Term Life Insurance

This type of life insurance is a great one to have when you have a tight budget. This low-cost type of life insurance operates for a specific term. This means that at the start of the policy, it is enacted for only a particular number of years. After this term has passed, the policy expires. Once that happens, you are no longer covered and must seek a new life insurance policy if you want to be covered again. Many people don’t choose this type because of its expiration date, but others like it because it is inexpensive. 

Whole Life Insurance

This type doesn’t have an expiration date and stays good for as long as you want to keep the insurance. Many people choose it because it can’t be canceled for as long as you keep paying for it. However, it can be expensive for many people. Another benefit to this type of life insurance is that it builds a cash value that the policyholder can borrow someday if they ever need to. 

Get Life Insurance

It’s never a good idea to be without life insurance, just in case. If you need life insurance in Shelton, CT, call us at Goodman Insurance, Inc.

What to Do When Your Home Insurance Policy Expires

Home insurance is one of those things that you don’t think about until you need it. But when your policy expires, it’s essential to take the time to understand your options and choose a new policy that meets your needs. In this post, we’ll discuss what to do when your home insurance policy expires and how to choose a new policy that fits your needs. We’ll also provide tips on what to look for in a new home insurance policy. By the end of this post, you should have a good understanding of the home insurance process and be well on your way to finding the right policy for you.

1. Examine Your Coverage Needs

When your home insurance policy expires, the first thing you should do is take a look at your coverage needs. If you’ve experienced changes in your life since you last bought home insurance, your coverage needs may also have changed. If you’ve moved to a new home, you’ll need to ensure that your coverage meets the needs of your new property. And if you’ve made any significant renovations to your home, you’ll need to ensure that your home insurance policy covers those.

2. Compare Home Insurance Policies

Once you know what coverage you need, you can compare home insurance policies. There are a few things you’ll want to compare when you’re looking at home insurance policies:

  • The coverages offered: Make sure that the policy you’re considering offers the coverages you need.
  • The deductible: Try and find a policy with a deductible that you’re comfortable paying. However, remember that a lower deductible usually means a higher premium.
  • The premium: Make sure you can afford the policy you’re considering. Remember that the price isn’t the only thing that matters – you also need to ensure that the policy provides the coverage you need.

3. Choose a Policy and Purchase It

Once you’ve compared home insurance policies and found one that fits your needs, it’s time to purchase it. You can usually purchase home insurance through an insurance agent, broker, or insurance company. If you’re buying the policy through an agent or broker, they can help you understand the coverage and answer any questions.

Get Home Insurance in Connecticut

If you’re looking for home insurance, Goodman Insurance Inc. is a great option. We offer a variety of home insurance policies to meet your needs, and our experienced agents can help you find the right policy for you. Contact us today to get started.

Do I Need Business Insurance if I Have No Employees?

You might be tempted to skip business insurance when you first start your business. The cost of coverage can seem prohibitive for new companies. But as your business grows and requires more protection, you’ll want to add business insurance even if you are the only one working for your business.

Goodman Insurance Inc. has the expertise to help Shelton, CT business owners protect their business with the right insurance coverage. We understand the unique challenges of small businesses and the importance of having the proper protection in place.

Insurance You Are Legally Required to Have

The state only has two laws that require you to have insurance. The first is for worker’s compensation, which only applies if you have employees. The second is for commercial auto insurance, which only applies if you have a vehicle used for business purposes.

If you use a vehicle exclusively for business purposes, you must insure it against a minimum amount of coverage. These coverages include liability for bodily injury and property damage and uninsured/underinsured motorist coverage.

Note: You aren’t required to insure a personal vehicle used for work purposes with a commercial auto policy. However, it’s good to have hired and non-owned auto coverage (HNOA), like your personal auto policy, which may not cover damages incurred during business use.

Insurance You Should Have for Your Businesses’ Protection

If your business has property such as computers, inventory, office equipment, etc., that would be expensive to replace if damaged or stolen; then you need a commercial insurance policy. Likewise, suppose you are worried about your business being sued for damages due to an accident involving a customer or in the event of a data breach. In that case, commercial insurance is a good idea.

Business insurance can offer protection for:

  • Property
  • Liability
  • Vehicles
  • Identity Theft
  • And more…

Contact Goodman Insurance Inc. today to discover what commercial insurance is available for you in Shelton, CT.

Do you have the right policy protecting your Connecticut home?

The team at Goodman Insurance Inc. in Shelton, CT understands the importance of family homes. If you want to ensure that you have the insurance protection you need, give us a call or stop by our office today.

Protecting your home with the right insurance 

Your home is more than just a house. If you want to ensure that you have the protection you need, now is an excellent time for a full policy review. When you conduct a full review of your home insurance policy, you can determine if there are any gaps in your coverage. Adjusting your policy to fill any gaps in service is an integral part of keeping your insurance up to date. As more time elapses, your home’s insurance needs might change, and it’s essential to keep your coverage in line with your needs.

Another consideration is the level of insurance that your policy provides. As your home’s value increases, you will also need to increase the amount of insurance you have. This is especially true if you make any significant improvements to your home. Updating kitchens and bathrooms can increase the value of your home significantly. 

It’s essential to have the right insurance to protect your family’s home. We recommend that all of our clients conduct a comprehensive review of their insurance policies at least once a year. Call today to schedule your home policy review.

Do you have the right insurance to protect your home?

Goodman Insurance Inc. is here to help the residents in the greater Shelton, CT area. If you want to ensure that your insurance policy provides the protection you need, we can help. Give us a call or stop by today!

Tips about home insurance

Owning a home is one of the American dreams. When you have your own home, you can finally paint the walls with your color of choice, shape the lawn the way you have always wanted, and carry out other modifications. However, whether you own your first home or tenth, you must think about home insurance.

But because home insurance can be tricky, you need to talk with an expert for personalized advice. Fortunately, if you live in Shelton, CT, or the surrounding area, you can make Goodman Insurance Inc. your preferred home insurance agent. We not only sell policies to you but educate you first to ensure you make an informed decision. So, today, let’s look at important tips about home insurance.

  • Get the facts: Ask everything you need to know about home insurance — what does it cover? What is excluded? What are the factors affecting your insurance premiums? This information helps get the best out of your policy.
  • Consider the replacement cost value: You want an insurance policy that can rebuild your home without asking too much of your pocket. Consider the "replacement cost value" to ensure that you will get a similar home without paying high out-of-pocket costs if your home is totaled.
  • Update your policy regularly: Like most things in life, your home insurance policy can’t remain the same year in and year out. Update your policy at least once a year.
  • Buy adequate coverage: Underinsuring your home puts your finances at risk. We are not saying you overpay your premiums but get sufficient coverage. Please talk to your insurance agent if you don’t know how much coverage you need.

Need more tips about home insurance? At Goodman Insurance Inc., we are always at your side. You can call, email, or visit our Shelton, CT office for all your home insurance queries.

Required Commercial Insurance in Connecticut

When you own a Connecticut business, there may be certain commercial insurance policies that you are required to have. Not having the required insurance policies can lead to fines and fees that your business would be better without. These insurance policies also protect your business from a number of costs and lawsuits in the event of an accident. If you need commercial insurance in Connecticut, give us a call at Goodman Insurance Inc. in Shelton, CT to find out more. 

Workers’ Compensation Coverage

If your business has any number of employees, even just one, you are required by law to have workers’ compensation insurance for them. Part-time and seasonal employees as well as regular, full-time workers are included in this mandate. Household employees who work 26 hours or more each week also have this stipulation. If they work less than this amount, they don’t have to be covered. This kind of insurance pays for the costs that result from an injury at work including lost wages and medical bills.

Commercial Auto Coverage

If your business owns a vehicle of any type, your business must have a commercial auto insurance policy on it. If the vehicle were to be in an accident that was the fault of you or your employee, this insurance policy pays for the ensuing medical bills as well as property damage costs. This policy must include a specific minimum amount of coverage for bodily injury for a single person injured and another amount for all of the parties injured in the accident. There is another amount required for the damage to the other person’s property. In addition, there is coverage mandated for underinsured and uninsured motorists with one amount needed for one person who was injured and another amount for all of those who were injured. 

Get Your Business Covered

If your business needs commercial coverage, call us today at Goodman Insurance Inc. in Shelton, CT.

Life Insurance: Four Things That Could Impact Your Rates

When you get life insurance in Shelton, CT, there are numerous factors that must be taken into consideration before an insurer like Goodman Insurance Inc. will offer you coverage. This may include anything from family history to your current health. Here is a closer look at some of the most common lifestyle factors that will play a role in your life insurance coverage rates.

Drinking Habits

If you regularly consume an excessive amount of alcohol, you are predisposed to a number of health conditions, such as hypertension, gastritis, and even seizures. Since these health conditions can have a considerable impact on your well-being and future health, you can expect your drinking habits to be considered when determining whether to offer you life insurance coverage and at what rate. Lowering or stopping your alcohol consumption may benefit you and your policy premiums.

Tobacco Use

You have always been told that it is bad for your health to smoke, so it probably comes as no surprise that an insurance company will take your tobacco usage into consideration for a life insurance policy. This includes anything from cigarettes and vapes to pipe smoking and chewing tobacco. Stopping smoking can reduce your risk of developing heart disease, cancer, and other health conditions later in life, which may have an impact on your rates.

Hobbies

It may be hard to believe, but your physical lifestyle can play a role in your life insurance rates. This is because there are certain activities that are considered risky, such as sky diving, mountain climbing, scuba diving, and auto racing.

Got questions? Contact Goodman Insurance Inc., serving the Shelton, CT area, to find out more about life insurance and what you can do to control your rates.